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BTC At the beginning of this week, Bitcoin’s price showed signs of a slight recovery, breaking through the $110,000 mark. Previously, Bitcoin’s price fell significantly on two consecutive Fridays, causing concerns and uncertainty among investors. Experts’ predictions of an impending bear market further exacerbated these concerns.
The threat of a bear market is very real.
Market analyst Doctor Profit is known for his accurate predictions about Bitcoin’s price movements. He recently expressed doubts about whether market makers will allow retail and institutional investors to exit at a lower price after suffering losses.
In a social media post on X (formerly Twitter), he suggested that the highest possible upside scenario for Bitcoin’s price could be around $116,500, representing a 9% increase from current levels.
However, he emphasized that a drop below $101,700 would break through what he calls the “magic bull market line,” signaling the arrival of a bear market. Profit advised caution, predicting that significant fluctuations could push Bitcoin’s price below this critical level, indicating the end of a bull market.
Adding to the negative sentiment is the fact that Bitcoin’s price currently hovers below $112,500, which represents the average entry point for short-term traders and buyers. Many of them are now facing losses.
Chain-level data compiled by experts also indicates that if Bitcoin’s price drops by 5% to 10%, these traders may sell their positions, potentially intensifying short-term selling pressure.
Bitcoin’s price faces challenges.
Profit further elaborated on the market conditions, stating that the current price trend indicates that market makers are closing both bullish and bearish positions.
He noted, “Nothing falls in a straight line.” He said that although the market may be in a bear market, short-term fluctuations must be taken seriously. He believed that high-leverage traders will be eliminated from both sides before another significant drop occurs in prices.
The expert also warned that any short-term rebound is meant to mislead bullish traders, thereby clearing out any bearish positions later on. It seems that market makers’ strategy is to push the price of Bitcoin towards the range of $116,500, thereby eliminating any bearish traders and creating sufficient liquidity for further price drops. This could lead to new local lows.
The daily chart shows that the price of BTC has broken through $110,000 after falling to $103,000 last week. Source: TradingView.com, BTCUSDT
Looking ahead, Doctor Profit predicts that such price movements will continue to occur in the coming weeks and months, creating a challenging environment for investors in the volatile digital asset market.
